Join our daily newsletter At The Bell to receive exclusive market insights
- Parkway Minerals raised $450,000 from shareholders to assist in purchasing Consolidated Potash Corporation (CPC)
- Through the buy, Parkway will add CPC’s Karinga Lakes Potash Project and New Mexico Lithium Project to its portfolio
- Additionally, Parkway will gain access to CPC’s aMES technology
- Parkway’s share price is up 16.67 per cent on its previous close, currently sitting at $0.007 apiece
Parkway Minerals raised $450,000 to assist in purchasing Consolidated Potash Corporation (CPC).
The acquisition strategy was put before shareholders earlier this month, with Parkway’s Managing Director, Patrick McManus, outlining the benefits of CPC’s technology.
“We believe CPC’s technology has the potential to materially improve product recovery and project economies for brine hosted resource projects globally,” Patrick said.
Parkway will get to add CPC’s Karinga Lakes Potash Project and New Mexico Lithium Project to its portfolio following the buy. This adds to Parkway’s Lake Seabrook Potash Project and Dandaragan Trough Project.
Additionally, through purchasing CPC, Parkway will gain access to its aMES technology, which is used for brine processing and producing potash and lithium. The company expects aMES will work well alongside its K-Max technology, which is used for leaching.
A total of 90 million shares were issued at a discounted price to raise the funds.
Parkway Minerals’ share price is up 16.67 per cent higher than its previous close, however, has entered a trading halt until Wednesday, August 28. Shares in the company are currently worth $0.007 each.
